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    Statistics Deciding on Recruitment or Overtime Pay

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    I am looking for a general overview of how statistics can help me determine if an organization should hire more employees when production increases instead of offering overtime pay to existing employees. The scenario is that I need an increase in production such that overtime or hiring additional folks were the only two feasible options i.e., productivity per employee seemed to be optimized.

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    Solution Preview

    In this scenario, a test situtation can be run. Suppose you hire some 30 more workers and together with the already employed workers, note the increase in productivity and the standard ...

    Solution Summary

    This solution explains a scenario where statistics can be used to determine to recruit more employees or offer overtime pay in response to an increased production. Instructions on how to conduct a five step hypothesis test is included.